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#1
04-06-2005, 03:18 PM
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 Re: house sale and child's income "Ann" <anuta91[at]hotmail.com> wrote: - quote - > I have two separate questions:
There's nothing to report.> 1. I sold house last year, but didn't make any income on > that sale. When I run my taxes through Turbotax, it > calculated about $30,000 loss on sale, which is not tax > deductible. When Turbotax prepared forms for filing, there > was no mention of the house sale on 1040 and schedule D was > not present among the paperwork. Is this correct or I still > have to send the report on house sale to IRS? - quote - > 2. My 16-year old son worked last year but earned less the
You don't give enough information for a definite answer.> $4500. Also he has received dividends on 1099-Div form which > were substantially less than $750. Do we have to report it > anywhere and how? See "Who Must File?" in the 1040 instructions. If he had more than $250 in 1099-DIV income, he must file. If he didn't and his total income is less than $4,850 he doesn't have to file. In no case does any of this affect your return. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-05-2005, 08:14 AM
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| Re: house sale and child's income Ann wrote: - quote - > I have two separate questions:
I don't know. You would expect an opinion, but have to ask:> 1. I sold house last year, but didn't make any income on > that sale. When I run my taxes through Turbotax, it > calculated about $30,000 loss on sale, which is not tax > deductible. When Turbotax prepared forms for filing, there > was no mention of the house sale on 1040 and schedule D was > not present among the paperwork. Is this correct or I still > have to send the report on house sale to IRS? "When is a house a home?; specifically was this house your home/primary residence for at least 2 of past 5 years? If so, then TT did good. If not, then there are more questions to be asked and answered,as to the character of the house. personal use? vacant property? rental property? - quote - > 2. My 16-year old son worked last year but earned less the
He should file a return, if for no other reason there was> $4500. Also he has received dividends on 1099-Div form which > were substantially less than $750. Do we have to report it > anywhere and how? Thank you for the help. probably tax withheld. ChEAr$$, Harlan Lunsford, EA n LA 2 Apr 2005 13 days and counting << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-02-2005, 03:47 AM
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| house sale and child's income I have two separate questions: 1. I sold house last year, but didn't make any income on that sale. When I run my taxes through Turbotax, it calculated about $30,000 loss on sale, which is not tax deductible. When Turbotax prepared forms for filing, there was no mention of the house sale on 1040 and schedule D was not present among the paperwork. Is this correct or I still have to send the report on house sale to IRS? 2. My 16-year old son worked last year but earned less the $4500. Also he has received dividends on 1099-Div form which were substantially less than $750. Do we have to report it anywhere and how? Thank you for the help. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| child, house, income, sale |
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